Effective Habit #6 Synergize
The management team in a coop or condo is composed of three distinct entities: the board, the property manager, and the staff. When their strengths are combined, goals can be achieved that could not have been done by just one of these entities.
It is not uncommon to see that there’s confusion as to the difference between the board of directors and the property manager. So, here’s a summary:
The board governs the organization. They have a fiduciary responsibility to the corporation and its owners and shareholders. It sets policies, review options, make decisions, oversee and implement decisions, and seeks cost savings.
The board needs to work in unity. When they vote for or against an item, they need to accept the outcome. If one board member was outvoted, he or she should not talk about that he or she didn’t agree with the outcome. A good board member sets his or her own viewpoint aside and agrees to support the board’s decision and outcome.
The property manager manages the day-to-day operation. They are under contract to work as an agent for the organization. They operate under the constraints defined by the board (and/ or the buildings offering documents) and assist in providing options, proposals, and overseeing the implementation of the decisions. They are not responsible for saving money for the organization.
The staff is the “doer.” They do what the board and property manager ask them to do. When a decision is made by the board to do something, the people who get this done are either the property manager or the staff, or both.
Since the board is the deciding entity within management, they should be the ones initiating praise. This can be done through newsletters, or other communication to owners, as well as at the annual meeting. In our opinion, every time the board communicate with residents, there is no reason not to thank someone on the management team.
A great board gives credit to their fellow board members, their property manager and the staff for all the great work that they accomplish.